Business
Acquisition of a 28.8% interest in Igraine plc
Acquisition of a 28.8% interest in Igraine plc.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \n \n \n RNS Number : 6299G\n Vela Technologies PLC\n 30 March 2022\n \n \n \n \n 30 March 2022\n \n \n Vela Technologies plc\n \n \n (\"Vela\" or \"the Company\")\n \n \n Acquisition of a 28.8% interest in Igraine plc\n \n \n The Board of Vela (AIM: VELA), an AIM-quoted investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce the acquisition of 23,928,080 ordinary shares, representing 28.82% of the issued share capital, in Igraine plc (\"Igraine\"), the Aquis-listed med-tech investment company (\n \n https://www.aquis.eu/aquis-stock-exchange/member?securityidaqse=KING\n \n ) \n (\"the Acquisition\" or \"Investment\").\n \n \n Highlights\n \n \n · \n Vela becomes the largest single shareholder in Igraine\n \n \n · \n 28.82% stake acquired on 30 March 2022 for cash consideration of £430,705 at 1.8p per Igraine share\n \n \n · \n The Investment is part of Vela's growing commitment to be more active in identifying opportunities for 'fast-track' returns for Vela shareholders from the Company's investment portfolio\n \n \n Rationale for the Investment\n \n Vela's investing policy includes investing in companies and special situations which have discernible potential to deliver returns for shareholders. Against a background of difficult capital markets, the Vela Board recognises the need to be more active in developing and delivering the means to achieve such returns.\n With a healthy cash balance and as a co-investor alongside Vela in the AZD1656 Arcadia drug development programme, the Board of Vela believes that Igraine represents a compelling investment opportunity for the Company.\n \n Information on Igraine \n \n \n Igraine's business strategy is to source and develop break-through innovative technologies and commercially attractive discoveries in the health, med-tech and life science sectors worldwide.\n \n \n Igraine's latest unaudited balance sheet at 30 June 2021 shows net liabilities of £58,000 and an unaudited loss before tax for the period ended 30 June 2021 of £133,000. At a general meeting held on 28 June 2021, Igraine shareholders agreed to the issue of subscription shares for gross proceeds of £2.0 million and a 2% investment in Excalibur Medicines Ltd (\"EML\"), a subsidiary of Excalibur Healthcare Services Ltd (\"Excalibur\").\n \n \n EML has secured excl...